170,000-SF Honolulu Office Tower Trades for $20M

HONOLULU-A Downtown Honolulu office building that was developed for $77 million in the early 1990s has just been sold for about $20 million.

The Japan-based seller that developed the property paid $33 million for the dirt alone, according to the Honolulu assessor’s office. The all-cash buyer, publicly traded Alexander & Baldwin of Honolulu, would not reveal what it paid for the building, but the State of Hawaii’s Bureau of Conveyances tells GlobeSt.com that A&B paid a transfer tax of $20,00 based on a fee of 10 cents per $100 paid.

Known for its exterior glass elevator, the office tower has 5,500-sf floor plates and is 32% occupied. A&B’s Vice President of Acquisitions and Investments Mike Wright tells GlobeSt.com that the company plans to “condoize” the building, portions of which have never been occupied.